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You are entitled to thousands of dollars in refunds from your credit card provider
  Nov 14, 2009

Commentary
Want to know one of the largest scams taking place in North America right now? You may be surprised at how much your credit cards are overcharging you.
The regular press has plenty of public information about nefarious crimes involving credit card and identify thieves. Why aren't they talking about the scam being perpetrated by large credit card companies and financial insitutions?
Because these large financial institutions pay them plenty for advertising.
Let me explain.
When you arrive at your favourite store to make a purchase using your credit card, the vendor (store owner) swipes your card, you sign and off you go with your new purchase. This is where the credit card scam begins.
The store owner is allowing you to purchase your goods on credit, but the store owner doesn't get paid that day. In fact the store owner may not be paid back by the credit card company for your purchase for days or even weeks. Why should you be paying interest from the date you made the purchase?
Oh sure,the credit card company will argue, that if you pay your interest off immediately -- no interest is charged-- but only a fraction of the population does this regularly-- particularly in tough economic times.
Let me explain how to claw back hundreds, if not thousands of credit card interest overcharges --using the law, and it's relatively simple.
Under Section 4 (33) Disclosure of Per Annum Rate states: "Section 4 is a generally applicable provision of mandatory disclosure of an annual interest rate in contracts, other than mortgages, containing an obligation to pay interest (sic) involving yearly periods of time."
Here is the important part -- specifically "IF the contract does not also contain certain disclosure of the yearly rate that is equivalent to the stated interest obligation (on your agreement) the THE MAXIMUM RATE OF INTEREST THAT MAY BE CHARGED by the credit card company IS 5%.
Now, remember those interest rate charges that you must pay from the date of your purchase, when the credit card company is not paying the same day but days and sometimes weeks later?
The annual rate you are paying will always be higher than the rate which is disclosed under your contract with the credit card company. Even if this is cumulatively only one half of one per cent over the year--this is a different amount than is represented in your contract. Now your are in control and eligible for a reduction of overall interest to 5% FOR EVERY YEAR YOU HAVE HAD AN OUTSTANDING CREDIT CARD BALANCE.
A very general example would be that if you have a yearly balance of $10,000 on your credit card--and your rate of interest is 20%, the time factor of charging you interest vs the actual time the credit card company pays the vendor will alter the effective interest rate you are ACTUALLY being charged. Now permit me to repeat the prevailing law in Canada --"IF THE CONTACT DOES NOT ALSO CONTAIN CERTAIN DISCLOSURE OF THE YEARLY RATE THAT IS EQUIVALENT (equivalent means exactly the same) TO THE STATED INTEREST OBLIGATION (On The Contract), THE MAXIMUM RATE OF INTEREST THAT MY BE CHARGED UNDER THE LAW IS 5% PER YEAR.
So-- that $10,000 obligation you are paying $2,000 each year for interest payments -- by law should only be $500 -- and the credit card company owes you $1,500. Imagine if you have been paying these overcharges for three (3) years. The credit card company would owe you AT LEAST $4,500.00 and would bY law have to reduce your outstanding balance by that amount based on thIS one section of federal law Canada).
If you owe a lot of credit card debt -- imagine what a powerful tool this law is?
In Canada, we estimate that even if a fraction of credit card holders with outstanding credit card balances, utilized this -easy to use Canadian law -- consumers in Canada alone would get back $1,500,000,000 in reduced debt.
Do you think the government, or regular media will tell you this? Of course not, they know where their bread is buttered.
So take the plunge, write your credit card provider (even if it is from the United States) and tell them about this Canadian law and demand a reduction or take them to small claims court (here in B.C. small claims filing fees are about $125.00 with no risk to court costs)-- and the credit card company will have to pay their lawyers thousands. If you demand what is lawfully yours -- you have the bank over a barrel.
AT ZEUS/ROBBINS -- we only want to help you to save your money.

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